NEW YORK CITY — Derby Copeland Capital, a locally based lending and investment firm, has provided two acquisition loans totaling $20.8 million for a pair of Manhattan apartment buildings with a combined 51 units. In the first transaction, Derby Capital provided $17 million for a 31-unit building in the East Village that includes ground-floor retail space that is leased to Lucy’s Bar and Top Beauty Salon. In the second deal, the firm funded a $3.8 million loan for a 20-unit building in Rose Hill neighborhood. The undisclosed borrower(s) plans to use portions of the proceeds to fund capital improvements.
WEST NEW YORK, N.J. — JLL has arranged a $150 million construction loan for RB3, a 426-unit multifamily project that will be located across the Hudson River from Manhattan in West New York, N.J. The 11-story waterfront property, which will be located within the 200-acre Port Imperial master-planned development, will offer studio, one- and two-bedroom units. Residences will be furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private balconies/patios. Amenities will include a pool, fitness center, clubhouse, private offices and coworking spaces, a virtual reality room, golf simulator, children’s playroom, sky lounge, grilling stations and a pickleball court. Jon Mikula, Jim Cadranell, Steven Klein and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Northwestern Mutual on behalf of the locally based borrower, Canoe Brook Development.
SWAMPSCOTT, MASS. — Regional developer and operator WinnCos. has received $69.1 million in financing for The Westcott, a 114-unit affordable housing project in Swampscott, a northeastern suburb of Boston. Units at The Westcott will come in studio, one-, two- and three-bedroom formats and will be reserved for renters earning between 30 and 110 percent of the area median income. The Massachusetts Executive Office of Housing & Livable Communities provided Low-Income Housing Tax Credit equity for the project. MassHousing provided bridge and permanent financing, and both the Swampscott Affordable Housing Trust and North Shore HOME Consortium contributed funds to the development. Construction is underway, with the first units expected to be available for occupancy next year.
CARLSTADT, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $49 million loan for the refinancing of a portfolio of four industrial buildings totaling 570,000 square feet in the Northern New Jersey community of Carlstadt. The buildings were constructed in the 1980s and feature clear heights of 22 feet, several loading docks and proximity to the New Jersey Turnpike. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the five-year, interest-only loan through an unnamed lender. The borrower was also not disclosed.
SOUTH BRUNSWICK, N.J. — Mesa West Capital has provided a $53.5 million construction loan for Bridge Point 99, a 291,578-square-foot industrial project in South Brunswick, located north of Trenton in Central New Jersey. The site at 999 Cranbury South River Road spans 26.6 acres. The rear-load building will feature a clear height of 40 feet, 47 loading doors, two drive-in doors, 130-foot truck court depths and parking for 49 trailers and 181 cars. Delivery is slated for the second quarter. Steve Roth and Ryan Kieser of CBRE arranged the debt on behalf of the borrower, Bridge Industrial.
NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has funded a $46 million bridge loan for Arris Grand, a 113-unit apartment building located at 982-998 Fulton St. in Brooklyn’s Clinton Hill neighborhood. Completed late last year, the nine-story building offers studio, one- and two-bedroom units and amenities such as a fitness center, rooftop terrace and lounges, as well as 7,154 square feet of street-level retail space. Fogarty Finger designed Arris Grand. The undisclosed borrower will use the proceeds to retire existing construction debt and fund costs of lease-up.
JERSEY CITY, N.J. — SCALE Lending, the debt financing arm of Slate Property Group, has funded two loans totaling $243 million for a pair of multifamily properties in the Journal Square area of Jersey City. In the first transaction, SCALE provided a $160 million construction loan for a 27-story project that will be located at 626 Newark Ave. The property will house 576 units, 9,915 square feet of street-level retail and 17,747 square feet of office space, with construction slated for a 2026 completion. In the second deal, SCALE provided an $83 million bridge loan for a 27-story, 235-unit building located at 26 Van Reipen Ave. that includes 7,562 square feet of retail and 7,546 square feet of office space. Proceeds from this loan will be used to retire construction debt and fund lease-up and stabilization costs. Drew Fletcher and Bryan Grover of Greystone arranged both loans on behalf of the borrower, Namdar Group.
MassHousing Provides $21M in Financing for Mixed-Income Housing Project in Shrewsbury, Massachusetts
SHREWSBURY, MASS. — MassHousing has provided $21 million in financing for The Pointe at Hills Farm, a 93-unit mixed-income housing project in Shrewsbury, located just outside of Worcester. The borrower and developer is WinnCos. The financing consists of a $10.3 million permanent loan, $7.9 million in tax credit equity and $2.8 million from the agency’s workforce housing initiative. Of the 93 units, 56 will be reserved for households earning between 30 and 60 percent of the area median income, while 21 will be designated as workforce housing. The remaining 16 apartments will be rented at market rates. Units will come in studio, one-, two- and three-bedroom floor plans. Construction is underway and expected to last about 18 months.
NEW YORK CITY — Locally based investment firm Lightstone has received a $165.5 million Freddie Mac loan for the refinancing of a 430-unit apartment community located at 365 Bond St. in the Gowanus neighborhood of Brooklyn. Built in 2016, the property features studio, one- and two-bedroom units, 40,000 square feet of amenity space and 30,000 square feet of open green space. Peter Rotchford, Michael Shmuely, Nicco Lupo, Jeffrey Julien, Rob Hinckley, Steven Rutman, Jonathan Hageman and Hall Oster of JLL originated the five-year, fixed-rate loan on behalf of Lightstone.
NEW YORK CITY — A joint venture between California-based Sabal Investment Holdings and global real estate companies Bsafal Inc. and Argo Real Estate has provided $64.5 million in financing for the 353-room LaGuardia Plaza Hotel in Queens. The borrower, Pennsylvania-based Synergy Hospitality Management, will use the proceeds to refinance existing debt and fund renovations to the guestrooms, common areas and amenity spaces. Moving forward, the hotel will be operated under the DoubleTree by Hilton brand. New Jersey-based intermediary Cronheim Mortgage arranged the loan.